shutterstock_1449998666-1-1
7 August 2019Insurance

Munich Re seeks to revolutionise hurricane response with automated damage detection tools

Munich Re has launched a new suite of automated damage detection tools designed to "revolutionise" the insurer's ability to respond to hurricane events.

The new hurricane response suite uses high-resolution aerial imagery and machine learning algorithm to help insurance companies assess widespread property damage after a hurricane and improve customers’ claims experience.

Additionally, the tools provide insurance companies with highly detailed predictions of damage days prior to the hurricane making landfall.

“The hurricane events from 2016 to 2018 resulted in a high volume of claims, a shortage of adjusters and higher loss adjustment expenses for insurance companies, with claims resolution delayed for many of those who were impacted,” said Roman Buegler, head of The Lab, Munich Re. “Our new suite of tools utilises cutting-edge technology to help insurance companies improve the customer experience and free up adjusters to manage serious or complex losses, while allowing rapid settlement of more simple losses.”

Buegler added: “More extreme and frequent catastrophe events have unfortunately become the norm, so our industry can’t rely on the way we’ve always responded to hurricanes. Having remote sensing capabilities is a way to step up our game for our insureds at a time when they need us most.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Munich Re chair ‘delighted’ as 2019 Q2 results ‘highest’ in four years Sedgwick expands in Nordic market with latest acquisition

Reshuffle at Fidelis Ireland as CEO, CUO Lyons departs

Broker Beecher Carlson names new COO

Ryan Specialty unit appoints new chief claims officer

Feature article:  15 ways technology is transforming insurance… and five to watch

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
19 July 2019   Germany-based global reinsurer Munich Re expects to report a consolidated result of approximately €1 billion for the second quarter of 2019.
Insurance
25 June 2019   German reinsurer Munich Re has partnered with re/insurance industry consortium Geospatial Intelligence Center (GIC) to provide insurers with access to automated damage classification analytics, helping them recover quickly after major catastrophes.